How to Close a Private Limited Company in India?

There may be numerous reasons for a company to shut down. There may be possibilities that the company is not able to perform well in their business and are planning to shut the company. Some other possible reasons are: business closure, heavy loss, the demise of the promoter or bankruptcy. 

The procedure could be initiated by some of the shareholders, tribunal or creditors. In this article we would assist, you with ways involved involuntarily closing the company. How to close a company in India is a big question which may arise in mind of some of the businessmen.

A company can be dissolved by a tribunal under the following conditions:

• If the company is not able to pay its debts

• If the company has a special resolution based on the Tribunal

• If the company has acted against the law like, something against the sovereignty of the country, offensive words for some other country or much more such activities

• In such cases the tribunal orders to shut the company under the section XIX of the law.

• If the company has not filed any financial statement or any kind of other annual return for the consecutive five years from now

Voluntary terms of winding up company:

• This could be done voluntarily by the member of the company

• If you get to know about any such resolution of the company

• If the company exceeds the time period of voluntary resolution time period

These were some of the possible tips for winding up of a business. This write up would be of great help to the one who is looking forward to shutting down their company.

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Best Government Subsidy for Small Business in India

There are many people who apply loans for this purpose. But sometimes, loan application takes so much of time as lots of formalities need to be done before the loan gets approved. If you are either starting your business or expanding your existing industrial units by implementing new machines and equipment in the industry, then you can avail the financial help from Government also. 

The government may help your business by offering the cost of production of services or goods and this amount of money preferred by the government is also referred to as a Govt subsidy schemes.

Some of the top Government Subsidies that every small Business searches for:

• Credit Guarantee Fund Scheme for small and micro enterprises

• Scheme for Technology Upgradation/ Modernization for Food Processing Industries/Establishment

• Technology Upgradation Fund Scheme for Textile Sector

• Subsidy Scheme for the Leather Industry-Integrated Development of Leather Sector

• Market development Assistance Scheme for Small, Medium, and Micro Enterprises

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Guide to File LLP Returns Annually in India

Every Limited Liability Partnership company that is a hybrid of a Private Limited Company and Partnership type of business integrates the advantages of both type of business and has at least two designated partners and at least one of them needs to be a resident of India. 

Apart from filing Annual returns, LLP is also supposed to file a statement of accounts and solvency prior to 6 months of the closing of the financial year. An LLP compulsorily needs to close their financial year on 31st March always. But before filing annual returns, every LLP needs to know the steps to file LLP returns.

Step by step guide to filing LLP return:

• Download Form11

• Check out your LLPIN

• Mention amount contributed by partner

• Mention penalty if any

• Mention if turnover is more than 5 crores

• Verification of all Details

After attaching or filling the important details, all details are verified. Once verified, you need to login to the portal of Ministry of Corporate Affairs and need to upload e-form. Make required payment and this is how LLP return procedure is completed successfully.

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Registration Procedure for a Start up Company India

Are you starting up your new business? If you are starting up a new business, you must know that to run your business successfully and to make your own reputation in market, you need to register your start-up. It is a foremost and important step before starting any business. 

To register your start-up company, there is a need to follow certain steps in accordance with Ministry of Corporate affairs. Earlier, people used to register for start up company in India by visiting many offices, but now it is convenient to register start-up online with the ease of use. If you are running an online business in India, register online business India.

Steps to register online business India:

• Applying for DIN and DSC

• Apply for approval of company name and certificate of incorporation

• Apply for PAN

• Apply for VAT

Although the above discussed steps might seem easy to perform, but actually it’s not that easy to get so many approvals in a short span of time from government authorities. If you have to register online business India but you have no idea and no time to get all the procedures to be done, then there is nothing like to worry about.

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Procedure to Add or Remove Director of a Company

Under the Company Law of 2013, a company which is a private limited company can only have minimum two directors, whereas a public limited company can have minimum three directors. The profile of director falls into various different categories like Managing director, nominee director, director, additional director, etc. Shareholder has a right to remove any director before his tenure period gets expired, but the shareholder is not allowed to remove the director authorized by the Tribunal for prevention of oppression and management. But to add or remove director, there is some specific process that needs to be followed.

The procedure for removing the director of a company:

• Special notice
• Decide the date of the meeting
• Intimation sent to the Director
• Hear the reasonable opportunity
• Intimation sent by the company to shareholders

Although the process to add or remove director might look complex, but if you take help from ClicknFile, it can be easy as it has a team of financial experts who are well versed with this process and helps you to add or remove  director in the company as quickly as possible.

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Step by Step Procedure for Income Tax E-filing

Income tax is a tax imposed by the government on salary of every working individual every year so as to identify whether they pay any taxes or not. You need to file form to pay income tax to the government. It is usually seen that people do delays in filing their returns of income tax and keep it due it till the last date. Earlier, people had to stand up in long queues to file the income tax returns, but now with the emergence of technology, it is easy to file the annual returns as you can file it online. This procedure of filing annual returns of income tax is known as income tax e-filing. There is a proper step by step procedure that needs to be followed for filing income tax returns.

Uploading of income tax returns on the e-filing website:

Those individuals who earn income of Rs.5,00,000 or more, they need to file  tax returns online. When the income tax returns are uploaded successfully on the e-filing website, they are sent an acknowledgement. Once you verify that you have got an acknowledgement, you need to send the acknowledgement online. This is how, income tax return procedure is done and completed.

If you don’t have time to file tax returns and not aware about the particular procedure, you can get it done from ClicknFile that has a team of financial experts who can perform income tax e-filing for you before the time stipulated by the government.

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How to Apply for Import Export Number

If you are running a business and needs to widen your business globally, you have to register for this Import Export code that is issued by the Directorate General of Foreign Trade which operates under the Ministry of Commerce and Industry. If you are running a business and needs to widen your business globally, you have to register for this Import Export code that is issued by the Directorate General of Foreign Trade which operates under the Ministry of Commerce and Industry. 

The Import Export Code is a code of 10 digits that never expires and without having this code, no person can do import and export business in India. There are also some people who don’t require to apply for Import export number. 

The Process to apply for import export number:

• Submit a duly filled application form either online at the official website of DGFT with all the required documents or submit the application form to the Regional authority of the DGFT.

• If you are an exporter, then you must have a net banking account.

• Open the DGFT website and you need to click on the IEC Online Application that would ask to enter your PAN number. 

• Submit PAN number and then you need to select Create under the File menu. 

• A new ECOM reference number will be displayed.

• Upload all the required documents and get your IEC in few days. 

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